Friday, May 02, 2014

How the "Science" of Economics Turned into a Form of the Occult

or simply a cult without the "oc" is evident from this "no shit" piece from Paul Krugman.

I don't know why it took people so stinking long to see the obvious. I saw this decades ago and warned people about it the minute policymakers were following the crackpot Chicago School economic theories.

Of course I am not Ivy League-educated, so what did I know other than I was right?

All anybody had to do was ask why all of these regulations were put in. It wasn't to stifle capitalism but to save it, for crying out loud, thanks to what happened during the Great Depression. You can't have unrestrained greed--people get hurt and societies can't be sustained by a handful of parasites at the top and everybody else poor. Revolution necessarily results from it.

It's like we have to revisit this crap a couple of times a century when younger generations come along and don't have any firsthand knowledge or secondhand knowledge (through parents who lived through hard times) of how bad it was, and thank God for the regulations and people like FDR.

The biggest problem we have now, as thirty years ago, is with the elected officials, especially those in D.C., who are completely bought and paid for by the elites who like the current disaster just fine because they have profited from it. They have NO intention of giving up "their" wealth, the wealth they stole from the rest of us by gaming the tax laws and getting their puppets to pass more favorable legislation.

Krugman:

But policy makers and politicians have ignored both the textbooks and the lessons of history. And the result has been a vast economic and human catastrophe, with trillions of dollars of productive potential squandered and millions of families placed in dire straits for no good reason.